BRITISH VIRGIN ISLANDS - Mossack Fonseca & Co.

Conduct of
portfolio
liquidation.
(e) the Commission.
87
(2) Notice of an application to the Court for a portfolio liquidation order in
respect of a segregated portfolio of a segregated portfolio company
shall be served upon
(a) the company,
(b) the Commission, and
(c) such other persons, if any, as the Court may direct,
each of whom shall be given an opportunity of making representations to the Court
before the order is made.
(3) The Court, on hearing an application
(a) for a portfolio liquidation order, or
(b) for leave, pursuant to section 152(7), to pass a resolution
appointing a liquidator,
may, instead of making the order sought or dismissing the application, make an
interim order or adjourn the hearing, conditionally or unconditionally.
(4) The Court may make a portfolio liquidation order subject to such terms
and conditions as it considers appropriate.
154. (1) The portfolio liquidator of a portfolio of a segregated portfolio company
(a) may do all such things as may be necessary for the purposes
set out in section 152(3); and
(b) shall have all the functions and powers of the directors in
respect of the business and segregated portfolio assets of, or
attributable to, the segregated portfolio.
(2) The portfolio liquidator may at any time apply to the Court
(a) for directions as to the extent or exercise of any function or
power;
(b) for the portfolio liquidation order to be discharged or varied; or
(c) for an order as to any matter arising in the course of the
liquidation of the portfolio.
AE/ET/Pub./bg/03.2007